Lean Technologies
Open banking and payments infrastructure that connects financial apps to banks through a single API
Lean Technologies is a Saudi open banking and payments company founded in Riyadh in 2019. In March 2026 it became the first licensed open banking provider in Saudi Arabia, and it says more than 400 companies use it.
What does Lean Technologies do?
Lean was founded in Riyadh in 2019 by Hisham Al-Falih, Aditya Sarkar and Ashu Gupta. It offers a single API that connects apps to banks for account verification, reading financial data and account-to-account payments. It raised $33 million in a Series A led by Sequoia Capital India in 2022, then $67.5 million in a Series B led by General Catalyst in 2024. Its valuation has not been disclosed.
Products
Verification of accounts and addresses, financial data, and analytics to support credit decisions
Account-to-account payments for deposits, collections and buy now, pay later, plus outbound payments and reconciliation
Key features
- One API that connects to many banks
- Major payment institution license from the Saudi Central Bank (March 2026)
- Licensed by Abu Dhabi Global Market since 2022
- Operates in Saudi Arabia and the UAE
- Lean's valuation has not been disclosed in any round, and it is not a unicorn. Bloomberg reported in November 2025 that it is weighing acquisitions on the way to a possible IPO, with no timeline
- Its investors include government-linked entities with undisclosed stakes, among them the Saudi Venture Capital Company (SVC), a subsidiary of the SME Bank, and Takamol Ventures
- The disclosed rounds total $104 million, while Forbes Middle East 2026 cites a total of $120 million, with no disclosed round that explains the gap
The documentary
Funding rounds
| Round | Date | Amount | Lead | Investors | Source |
|---|---|---|---|---|---|
| Series B | November 2024 | $67.5M | General Catalyst | General Catalyst, Bain Capital Ventures, Duquesne Family Office, Arbor Ventures, JIMCO, TakamolVentures | Source |
| Series A | January 2022 | $33M | Sequoia Capital India | Sequoia Capital India, RAED Ventures, Outliers VC, Shorooq Partners, JIMCO, Liberty City Ventures, Human Capital | Source |
| Seed | July 2020 | $3.5M | RAED Ventures | RAED Ventures, Shorooq Partners, Outliers VC, Global Founders Capital, Global Ventures | Source |
Key investors
Founders
Common questions about Lean Technologies
When was Lean founded?
It was founded in Riyadh in 2019.
Who founded Lean?
Hisham Al-Falih, with his Stanford roommate Aditya Sarkar. Ashu Gupta later joined them.
How much funding has Lean raised?
A $3.5 million seed round in 2020, $33 million led by Sequoia Capital India in 2022, and $67.5 million led by General Catalyst in 2024.
Is Lean a unicorn?
No. Its valuation has not been disclosed in any round.